With the investment, Infosys has picked up a minority stake, not exceeding 20 per cent of the outstanding share capital of the company, it said.

Set up in 2013, the privately-held Waterline Data Science has a presence in the US.

The Bangalore-based firm is actively scouting for companies working on innovative technologies. Earlier this year, Infosys had announced a USD 500-million Innovation Fund, earmarked for investments in the growth of disruptive new technologies.

The company has stated that it will invest in companies that develop innovative technologies on automation, Internet of Things (IoT), and artificial intelligence (AI).